The Morning Rant

29/11/11 -- From building on last night's gains early doors the overnight Globex market is turning red in a mini turnaround Tuesday style. Beans are currently 5-6 cents lower, with corn down 3-4 cents and wheat flat to a cent easier.

Yesterday's Euro optimism seems to have had the shine taken off it today. I'm not surprised. How many false dawns have there been now?

European finance ministers meet in Brussels later today, and the Beeb is reporting this morning that "Leaders had hoped to expand the European Financial Stability Facility to about 1tn euros." Note the use of the word had not will.

Indeed, they are now saying that they may well fall short on last month's false dawn pledge to increase the bailout fund to EUR1 trillion. So, far from making progress they are now reneging on promises made in late October's lauded "cunning plan" from Merkel, Sarkozy et al.

We are no closer to this one being resolved than we are to finding Lord Lucan.

Elsewhere, the word on the streets is that France could have it's credit rating cut by the end of next week, and Fitch Ratings has cut its outlook on the US to negative from stable.